RADWARE LTD
RDWRdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
RADWARE LTD earns about 2% on invested capital, below its ~9% cost of capital, and has bought back 6% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.4 and $15.63 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $286.5M1 | $293.4M2 | $261.3M3 | $274.9M3 | $301.9M3 |
| Net income | $7.81M4 | −$166,0005 | −$21.6M6 | $6.04M6 | $20.3M6 |
| Operating cash flow | $71.8M7 | $32.1M8 | −$3.5M9 | $71.6M9 | $50.1M9 |
| Capital expenditure | $5.6M10 | $8.81M11 | $5.43M12 | $5.28M12 | $8.54M12 |
| Free cash flow (derived) | $66.2M7 | $23.3M8 | −$8.93M9 | $66.3M9 | $41.6M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $92.5M13 | $46.2M14 | $70.5M15 | $98.7M16 | $105.1M16 |
| Diluted shares | 47.5M | 44.9M | 42.9M | 43.4M | 44.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $78.16 of net worth that earned you $4.53 and generated $9.3 of cash last year.
It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.4 and $15.63 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$41.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$41.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$6.04M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.63 |
| Base | 0.0% | $15.63 |
| Bull | 5.0% | $18.85 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001040 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001101 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001923 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001040 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001101 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001923 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001040 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001101 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001923 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001040 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001101 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-001923 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-23-001195 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-24-001040 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-25-001101 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-001923 (CashAndCashEquivalentsAtCarryingValue)